Midterm Assessment: Group Hails Tinubu on Oil Sector Reforms

The Association of Nigerian Refineries Petroleum Marketers (ANRPM) has lauded President Bola Tinubu, on his second anniversary in office, especially the renewed focus on the regional integration and oil sector reforms.

ANRPM, in a statement, signed by its Board of Trustees Chairman, Usman Ali, said that Tinubu’s efforts will help enhance investors’ confidence in the oil and gas industry.

ANRPM commended the removal of fuel subsidies and restructuring of foreign exchange windows, which have been pivotal in shaping Nigeria’s economic trajectory. 

“These reforms align with the government’s goal to foster transparency, reduce corruption, and promote sustainable growth in Nigeria’s petroleum sector,” it stated.

It also acknowledged the breaking of 16 years long-standing deadlock for the takeoff of the Regional Maritime Development Bank and Tinubu’s reaffirmation of Nigeria’s commitment to regional integration, maritime development and economic cooperation.

 “As a key stakeholder in Nigeria’s oil and gas industry, ANRPM remains committed to promoting best practices, operational efficiency, and ethical standards. We applaud the recent introduction of innovative oil-trade mechanisms, such as the naira-for-crude initiative. 

“These reforms are transforming how Nigeria monetises its oil exports, bolstering domestic currency liquidity and alleviating pressure on dollar demand—steps vital for economic stability,” it stated.

It also expressed support for the federal government’s tax reforms aimed at reducing the burden of multiple taxation. 

“These measures will facilitate the growth of small businesses and encourage formal participation in Nigeria’s oil and gas sector. As part of our commitment to youth empowerment and combating illicit activities like oil bunkering, we endorse the creation of an independent tax ombudsman, designed to protect vulnerable taxpayers and promote a fair, transparent system,” the group added.

Among other appointments, it named Judith Nwachukwu as national spokesperson, and Joe Ogbodu as national media and publicity officer.